In the EUR/JPY trade pair, a compelling opportunity presents itself, supported by notable price action patterns across multiple time frames.
Observations:
On the 8-hour time frame, a substantial hammer candle has materialized, indicating a potential reversal in market sentiment.
At smaller time frames, there is a noteworthy break of the trendline, accompanied by the formation of a mini head and shoulders pattern on the 1-hour time frame.
Trade Plan:
Entry Point: 161.50
Take Profit (TP): 163.4
Stop Loss (SL): 160.5
The entry at 161.50 aligns strategically with the observed hammer candle on the 8-hour time frame and the breakout of the trendline, indicating a shift in market dynamics. A well-defined take profit level at 163.4 provides a clear target for profit realization, reflecting a calculated approach to the potential bullish movement.
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